Atrum Coal founders retain significant stake

Company founders, Russell Moran and Gino D’Anna, still hold a combined stake of 21.11% in Atrum Coal, according to a company release. D’Anna and Moran were forced off of the board last year after alleged misconduct.

The company’s largest shareholder was listed as Lenark, PL, which holds a 20.68% stake in the company. Lenark PL is thought to be affiliated with non-executive director and former company chairman, James Chrisholm.

Atrum Coal is currently involved in legal action against its founders following the establishment of BC Anthracite by Moran and D’Anna. BC Anthracite holds tenements in the Groundhog Coal Basin in British Columbia adjacent to those held by Atrum Coal.

D’Anna recently forced a shareholder vote that aimed to remove two non-executive directors, Steven Boulton and Cameron Vorias, from the board. Both measures were rejected at an extraordinary general meeting.

Atrum Coal is developing the Groundhog anthracite project in British Columbia. The project has total JORC resources of 1.567 billion t. It is currently led by Executive Chairman, Bob Bell, who took up the position last year.

Edited by Jonathan Rowland.

Read the article online at: https://www.worldcoal.com/coal/12042016/atrum-coal-founder-retain-significant-stake-2016-604/